Enforcement

Enforcement

SFC Imposes One-Year Ban on RHB Securities Analyst

By Editors | 06/02/2020

The analyst traded stocks covered in research reports he prepared through his father’s securities trading account held at another brokerage.

AML / KYC

US Law Firms Launch New Class Actions Against Westpac

By Editors | 04/02/2020

The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.

Enforcement

FSS Reprimands Woori, Hana Chiefs for Derivatives Mis-Selling

By Editors | 31/01/2020

The FSS is also recommending a 20-billion-won penalty be imposed on both banks, and for some of their operations to be suspended for six months.

Enforcement

SFC Suspends RHB Securities AE for Unauthorised Discretionary Trades

By Editors | 30/01/2020

The account executive conducted discretionary trades for a client account for almost two years without obtaining written authorisation.

Enforcement

ASIC Bans Adviser for Bad Investment Recommendation

By Editors | 29/01/2020

A former adviser of NAB-owned Godfrey Pembroke failed to act in his clients’ best interests by recommending they invest in a mobile payments start-up that later failed.

AML / KYC

Sanctions Screening Short Cuts Not Worth the Risk: Refinitiv

By Manesh Samtani | 29/01/2020

Increasingly aggressive US sanctions policies highlight the need for financial institutions to adopt and implement a sophisticated risk-based approach to compliance.

Enforcement

NAB Units Face Class Action for Mismanaged Superannuation

By Editors | 27/01/2020

The case will focus on NAB’s alleged failure to transfer A$6.3mn of accrued default amounts to MySuper in a timely fashion, as required by law.

Enforcement

SFC Launches Proceedings Against China Ding Yi Feng Manipulators

By Editors | 23/01/2020

On its first day of trading after a 10-month suspension, China Ding Yi Feng has lost 90% of its value, representing HKD 25 billion in lost market value.

Enforcement

CFTC Penalises Australian Firm for Spoofing by Former Trader

By Editors | 23/01/2020

The CFTC has ordered Propex Derivatives to pay $1mn, comprising restitution, disgorgement, and a civil monetary penalty. The DOJ has also entered a deferred prosecution agreement with the firm.